BG Medicine, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
August 14, 2015 at 04:51 pm EDT
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BG Medicine, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. The company reported net loss for the second quarter of 2015 of $2.0 million, a 6% improvement from the $2.2 million net loss reported in the second quarter of 2014, on total revenues of $0.5 million in the second quarter of 2015 versus total revenues of $0.8 million in the second quarter of 2014. Net loss per basic and diluted share in the second quarter of 2015 was $0.23 as compared to $0.26 in 2014. Operating cash burn decreased by $1.8 million, a 68% decrease, to $827 thousand compared to $2.6 million in 2014. Loss from operations was $1.4 million compared to $2 million for the same period of last year.
For the six months ended June 30, 2015, the company reported net loss of $3.4 million, a 22% improvement from the $4.3 million net loss reported for the six months ended June 30, 2014, on total revenues of $0.9 million versus total revenues of $1.5 million in the first six months of 2014. Net loss per basic and diluted share for the first six months of 2015 was $0.39 as compared to $0.56 in the first six months of 2014. Operating cash burn declined by $2.8 million, a 56% decrease, to $2.2 million compared to $5.0 million in 2014. Loss from operations was $2.7 million compared to $3.9 million for the same period of last year. Net cash flows from operating activities were $2.2 million compared to $5 million for the same period of last year.
BG Medicine, Inc. (BG Medicine) is a commercial-stage diagnostics company. The Company is engaged in commercializing diagnostic products that may be used to help guide the care and management of patients suffering from heart failure and related disorders. The Company's BGM Galectin-3 Test is an in vitro diagnostic device that employs a manual micro-titer platform to measure galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of chronic heart failure in conjunction with clinical evaluation. The automated galectin-3 tests are being developed and commercialized by its diagnostic instrument manufacturing partners and will be performed on its partners' automated platforms. The Company's CardioSCORE test is a multi-analyte biomarker-based blood test that was designed as an aid in the assessment of near-term risk for atherothrombotic cardiovascular events, such as heart attack and ischemic stroke.